Regent Street Letting Treble
Great Portland Estates PLC
04 October 2006
4 October 2006
Great Portland secures Regent Street letting treble
Great Portland Estates plc ('GPE') announces its 50:50 joint venture with
Liverpool Victoria Friendly Society, The Great Victoria Partnership, has agreed
to let Phase II of its retail development at 208-222 Regent Street, London W1 to
Gap.
Gap is the third major international retail letting at the development on this
resurgent street. Last month GPE announced the letting of both units totalling
17,300 sq ft in Phase I . Phase II will comprise a 10,000 sq ft store on three
floors. Construction is due to start in February next year and the store will be
handed over to Gap in May. Listed Building consent has been applied for.
Gap, which currently occupies part of the site on a lease which expires in May
next year, will surrender its existing lease and take a new 15 year lease on the
enlarged store with an option to break at year 10. The initial rent will be £1.1
million p.a. with a minimum uplift at the 5th year to £1.21 million p.a. An
initial rent free period of 24 weeks has been agreed.
These lettings at Regent Street follow a period of continued high activity for
the company. In September GPE announced that it had purchased 38,300 sq ft in
Bermondsey, SE1, for £8.1 million, and that it had also submitted a planning
application for a 188,000 sq ft development at Blackfriars Road, SE1. In August
GPE announced that it had purchased 18 & 19 Hanover Square, W1, for £57.6
million from Hammerson Plc, and in July it announced the formation of a joint
venture with Scottish Widows to own and develop two further central London
properties. The joint venture had gross assets of £126.2 million at inception.
Robert Noel, Property Director of GPE, said: 'We are very pleased to have agreed
this new lease with Gap so soon after letting both units in Phase I. It
completes the line up for this project, acquired in April last year, and brings
the total rent achieved in new lettings by us on Regent Street, Oxford Street
and Bond Street this year to over £4 million'.
Contacts:
Great Portland Estates plc
Toby Courtauld Chief Executive 020 7647 3042
Robert Noel Property Director 020 7647 3043
Finsbury
James Murgatroyd 020 7251 3801
Gordon Simpson
This information is provided by RNS
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